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First Home Buyer Guide NZ – How to Buy Your First Home with Global Finance

Buying your first home in New Zealand is a huge milestone — but it can also feel overwhelming. Between saving for a deposit, understanding mortgage options, and dealing with banks, it’s easy to get lost in the process. That’s where Global Finance comes in. We’ve been helping Kiwis into their first homes for over 25 years, aiming to make the journey smoother and faster.

Whether you’re buying with a 5% deposit through the Kāinga Ora First Home Loan, applying to a bank with a 10% deposit, or using a 20% deposit to unlock the best rates, Global Finance can guide you — from eligibility checks and pre-approval to lender selection and settlement.

Start your homeownership journey with confidence. The Global Finance Mortgage Genius Plan® helps you better understand your mortgage options and explore strategies that may help you repay your loan sooner and reduce interest costs over time, depending on your individual circumstances. T&Cs apply. Advice is tailored to your individual circumstances, and outcomes may vary.

Which Deposit Path is Right for You?

Whether you qualify for the 5% Kāinga Ora First Home Loan, a 10% low-deposit bank offer, or a standard 20% deposit mortgage, Global Finance can help you understand lender criteria and develop the right home-loan strategy for your situation. We compare a wide range of lenders to identify suitable options and support you in finding an affordable path towards your first home.

Kāinga Ora First Home Loan

The Kāinga Ora First Home Loan is a government-backed scheme designed specifically for Kiwis who can afford mortgage repayments but are struggling to save a large deposit.

Unlike standard bank loans, this scheme allows eligible buyers to purchase a home with just a 5% deposit.

At Global Finance, we've spent more than 25 years helping first-home buyers secure the home loan and confidently take their first step onto the property ladder. We don’t just check your eligibility; we help you manage the application process with participating lenders we deal with to help you get a suitable loan structure and competitive interest rates. We act as your partner to "package" your application. We identify the participating banks most likely to pre-approve or approve your loan and help you prepare your income & expenses history, savings evidence, and profile for a seamless approval.

Take control of your first mortgage from day one by discovering how the Global Finance Mortgage Genius Plan® may help you repay sooner and save on interest—subject to your goals and preferences outlined with Global Finance. T&Cs apply, and individual results may vary.

[Read our Guide to Kainga Ora First Home Loan to understand the eligibility criteria]

Low-deposit (with 5-10% deposit)

Low-deposit (less than 20% deposit) mortgages come with unique challenges, including Low Equity Margins (LEM), stricter affordability checks, and limited bank funding. Because banks often prioritise existing customers and sometimes offer pre-approvals for low-deposit loans, having an expert advocate can make a real difference.

Between the selective bank offers and Kāinga Ora First Home Loan, there are pathways to the property ladder—if you know where to look.

At Global Finance, we can help bridge the gap. We understand the latest lending criteria across the banks we deal with and help you structure your application for a better chance of success. From presenting your application to helping you compare interest rates across lenders, we can help you secure the home loan that's right for your needs and goals.

[Read our Guide to Low-Deposit Mortgages]

20% deposit

A 20% deposit remains the "gold standard" for NZ first-home buyers, unlocking "special" interest rates and exempting you from costly Low Equity Margins (LEM). This level of equity simplifies the pre-approval process, giving you a competitive edge at auctions, a wider choice of lenders and access to special interest rates.

Even with a large deposit, Global Finance can help you navigate modern Debt-to-Income (DTI) caps and complex affordability checks to get the desired amount of loan. Whether using KiwiSaver, gifted funds, or family guarantees, we ensure your application is presented to the lenders for the best possible outcome.

By partnering with us, you turn your hard-earned savings into a strategic advantage for long-term financial success.

[Read our Guide on 20% deposit home loans to understand costs and benefits of having a larger deposit]

Why Choose Global Finance?

Full market research & comparison

We compare current product offers, published & discounted rates, fixed vs variable rates, include any low equity margins or standard-rate differences, and show you the true cost over your chosen term so you can pick the option suitable to your situation. Sources we check include major banks (ANZ, ASB, BNZ, Westpac, Kiwibank) and trusted specialist lenders.

Understand the true costs of first home

This covers one-off costs during the loan process, such as valuation fees, legal fees, building inspections, and moving expenses. We also help you budget for ongoing costs like council rates, home insurance, maintenance, and your mortgage repayments. Planning ahead may help you keep your loan affordable not just at settlement, but for the long term.

Application, documentation & pre-approval help

We prepare your file for submission by taking documents from you required for the application such as: proof of savings, KiwiSaver evidence, proof of incomes, and a clear submission letter tailored to the bank ensuring your profile, your income and expenses and all your requirement documents make it easy for the bank to complete the assessment — improving chances of a quick approval and fewer follow-ups.

Negotiation & lender selection

Because we work with multiple lenders regularly, we can negotiate or highlight features (offset accounts, redraw facility, repayment flexibility, lumpsum payments) and identify lenders whose underwriting favours you as first-home buyer with either low 5% to 10% deposit or strong 20% deposit.

Long Term Partnership & Ongoing support

We help interpret valuation results, explain conditional approvals, and assist with settlement timing — and once your loan is live we can monitor market moves and recommend re-fix or re-structure options.

Frequently Asked Questions

Lenders primarily assess: Income stability (3+ months in your current job), clear savings history (3+ months of bank statements), good account conduct (no dishonoured payments or unarranged overdrafts), and low personal debt (to maximize your borrowing power).

Not always, but lenders may sometimes require a property valuation depending on the type of property and their policies. Banks sometimes ask for a valuation if the property is brand new, being purchased via private treaty, involves land and building, or if an electronic valuation isn’t available in the bank’s system. Valuation criteria vary from bank to bank.

As a guideline, most banks grant pre-approval for 2–3 months. If you haven’t found a property but are actively searching, and your financial and personal situation hasn’t changed, the bank may extend your pre-approval for another 2–3 months.

Generally speaking, most banks offer eligible first-home buyers a cashback, which is usually credited to your nominated loan-repayment account on settlement day or within 2-3 days after. In most cases, banks also require you to keep your home loan with them for 3-4 years to retain the full cashback.

Beyond the deposit, you should budget for one-off costs like solicitor/conveyancing fees, a building inspection report, a property valuation (often required for low-deposit loans), and moving costs.

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